{"id":557949,"date":"2023-10-27T22:00:44","date_gmt":"2023-10-27T22:00:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=557949"},"modified":"2024-06-11T08:14:01","modified_gmt":"2024-06-11T08:14:01","slug":"binance-founder-czs-fortunes-plummet-by-12-billion-amidst-downturn-in-crypto-trading","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/binance-coin\/binance-founder-czs-fortunes-plummet-by-12-billion-amidst-downturn-in-crypto-trading\/","title":{"rendered":"Binance Founder CZ’s Fortunes Plummet By $12 Billion Amidst Downturn in Crypto Trading"},"content":{"rendered":"

Changpeng Zhao<\/span><\/a>, widely known as CZ and the founder of Binance, one of the largest cryptocurrency exchanges, has suffered a significant blow to his fortune. According to a recent Bloomberg <\/span>report<\/span><\/a>, CZ’s wealth plummeted by $12 billion due to the ongoing slump in crypto-trading activities.\u00a0<\/span><\/p>\n

Per the report, this decline was primarily attributed to a sharp drop in <\/span>trading volumes<\/span><\/a> at Binance throughout the year.<\/span><\/p>\n

CZ’s Financial Losses<\/span><\/h2>\n

The Bloomberg Billionaires Index revised its revenue estimates for Binance, slashing it by 38% after data revealed a decline in <\/span>trading volumes at the exchange<\/span><\/a>. As a result, CZ’s net worth now stands at $17.2 billion, marking a significant reduction from his previous valuation.<\/span><\/p>\n

Related Reading: Shiba Inu Team Member Clarifies SHIB Burn As Shibarium Grows<\/a><\/div>\n

According to Bloomberg, CZ’s involvement in recent events that led to the <\/span>bankruptcy filing of FTX<\/span><\/a> further impacted his financial situation. In November, CZ announced the liquidation of a token linked to FTX (FTT) after reports emerged that Alameda Research, the hedge fund owned by <\/span>Sam Bankman-Fried<\/span><\/a>, the founder of FTX, held a large position in it.\u00a0<\/span><\/p>\n

The announcement triggered a rush among FTX customers to withdraw funds, overwhelming the exchange’s infrastructure. As a consequence, FTX <\/span>declared bankruptcy<\/span><\/a> within a week, erasing Bankman-Fried’s fortune, which had peaked at $26 billion in March the previous year.<\/span><\/p>\n

To estimate Binance’s revenue, the Bloomberg Billionaires Index relies on spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika.\u00a0<\/span><\/p>\n

Binance had witnessed a significant gain in<\/span> market share <\/span><\/a>earlier this year, reaching 62% of total on-exchange crypto trades during the first quarter. However, after a promotional zero-fee period for popular trading pairs ended, Binance’s market share slid to 51% by the end of the third quarter, as reported by research firm CCData.<\/span><\/p>\n

Binance Value Plunges As Lawsuits And Allegations Take A Toll<\/span><\/h2>\n

Binance has also faced increasing regulatory scrutiny, isolating itself from the traditional financial system. The Securities and Exchange Commission (SEC) <\/span>filed a lawsuit<\/span><\/a> against Binance in June, accusing the exchange of violating regulations.\u00a0<\/span><\/p>\n

Earlier this year, the Commodity Futures Trading Commission (CFTC) also <\/span>took legal action<\/span><\/a> against Binance for non-compliance with rules that allowed US users to access the platform.\u00a0<\/span><\/p>\n

Allegations against Binance include <\/span>inadequate money-laundering controls<\/span><\/a>, inflated trading volumes, and mishandling of client assets. Binance has strongly disputed these claims and is currently contesting them in court.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Braces For $50 Billion Influx Following ETF Launch, Bitwise CEO Says<\/a><\/div>\n

In June, Bloomberg’s wealth index reduced the value of Binance’s US exchange to zero after it announced the discontinuation of dollar transactions, resulting in a significant decline in trading volumes.\u00a0<\/span><\/p>\n

Binance.US had previously been valued at $4.7 billion during a funding round in March 2022, while CZ’s net worth peaked at $96 billion in January.<\/span><\/p>\n

The challenges faced by Binance are not unique, as regulatory uncertainties and rising interest rates have made alternative investments more appealing. <\/span>Coinbase Global<\/span><\/a>, another leading cryptocurrency exchange, experienced a 52% decline in spot trading volume in the third quarter compared to the previous year, according to Bloomberg.\u00a0<\/span><\/p>\n

\"Binance\"
BNB’s uptrend in the past 24 hours on the daily chart. Source: BNBUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Despite the personal wealth challenges CZ faces, Binance Coin (BNB) has capitalized on the overall market recovery, showcasing substantial gains across various time frames. Currently, the token is trading at $225.2, maintaining its upward trend with a 2.2% increase over the past 24 hours.<\/span><\/p>\n

Furthermore, BNB has demonstrated significant gains of 5.8%, 9.6%, and 6.1% over the seven, fourteen, and thirty-day time frames, respectively. These positive trends highlight the token’s strong performance in recent weeks.<\/span><\/p>\n

Featured image from Binance, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Changpeng Zhao, widely known as CZ and the founder of Binance, one of the largest cryptocurrency exchanges, has suffered a significant blow to his fortune. According to a recent Bloomberg report, CZ’s wealth plummeted by $12 billion due to the ongoing slump in crypto-trading activities.\u00a0 Per the report, this decline was primarily attributed to a sharp drop in trading volumes at Binance throughout the year. CZ’s Financial Losses The Bloomberg Billionaires Index revised its revenue estimates for Binance, slashing it by 38% after data revealed a decline in trading volumes at the exchange. As a result, CZ’s net worth now stands at $17.2 billion, marking a significant reduction from his previous valuation. Related Reading: Shiba Inu Team Member Clarifies SHIB Burn As Shibarium Grows According to Bloomberg, CZ’s involvement in recent events that led to the bankruptcy filing of FTX further impacted his financial situation. In November, CZ announced the liquidation of a token linked to FTX (FTT) after reports emerged that Alameda Research, the hedge fund owned by Sam Bankman-Fried, the founder of FTX, held a large position in it.\u00a0 The announcement triggered a rush among FTX customers to withdraw funds, overwhelming the exchange’s infrastructure. As a consequence, FTX declared bankruptcy within a week, erasing Bankman-Fried’s fortune, which had peaked at $26 billion in March the previous year. To estimate Binance’s revenue, the Bloomberg Billionaires Index relies on spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika.\u00a0 Binance had witnessed a significant gain in market share earlier this year, reaching 62% of total on-exchange crypto trades during the first quarter. However, after a promotional zero-fee period for popular trading pairs ended, Binance’s market share slid to 51% by the end of the third quarter, as reported by research firm CCData. Binance Value Plunges As Lawsuits And Allegations Take A Toll Binance has also faced increasing regulatory scrutiny, isolating itself from the traditional financial system. The Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June, accusing the exchange of violating regulations.\u00a0 Earlier this year, the Commodity Futures Trading Commission (CFTC) also took legal action against Binance for non-compliance with rules that allowed US users to access the platform.\u00a0 Allegations against Binance include inadequate money-laundering controls, inflated trading volumes, and mishandling of client assets. Binance has strongly disputed these claims and is currently contesting them in court.\u00a0 Related Reading: Bitcoin Braces For $50 Billion Influx Following ETF Launch, Bitwise CEO Says In June, Bloomberg’s wealth index reduced the value of Binance’s US exchange to zero after it announced the discontinuation of dollar transactions, resulting in a significant decline in trading volumes.\u00a0 Binance.US had previously been valued at $4.7 billion during a funding round in March 2022, while CZ’s net worth peaked at $96 billion in January. The challenges faced by Binance are not unique, as regulatory uncertainties and rising interest rates have made alternative investments more appealing. Coinbase Global, another leading cryptocurrency exchange, experienced a 52% decline in spot trading volume in the third quarter compared to the previous year, according to Bloomberg.\u00a0 Despite the personal wealth challenges CZ faces, Binance Coin (BNB) has capitalized on the overall market recovery, showcasing substantial gains across various time frames. Currently, the token is trading at $225.2, maintaining its upward trend with a 2.2% increase over the past 24 hours. Furthermore, BNB has demonstrated significant gains of 5.8%, 9.6%, and 6.1% over the seven, fourteen, and thirty-day time frames, respectively. These positive trends highlight the token’s strong performance in recent weeks. Featured image from Binance, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":557951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,86230,13291,86864,84195,88389,83605,11427,88002,89186,86483,79524,79611,1273,1393,14690,16673],"class_list":["post-557949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-binance-ceo","tag-binance-coin","tag-binance-coin-bnb","tag-binance-crypto-exchange","tag-binance-lawsuit","tag-binance-news","tag-bnb","tag-bnb-coin","tag-bnb-news","tag-bnb-price","tag-bnbusd","tag-bnbusdt","tag-changpeng-zhao","tag-coinbase","tag-crypto-news","tag-zhao-changpeng-binance"],"acf":[],"yoast_head":"\nBinance Founder CZ's Fortunes Plummet By $12 Billion Amidst Downturn in Crypto Trading<\/title>\n<meta name=\"description\" content=\"CZ founder of Binance, has suffered a significant blow. 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